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The term Terman's "Termites" refers to
Opportunity Cost
The expense associated with missing out on the second-best choice when deciding or selecting a course of action.
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A small text file that is stored on a user's computer by a website to remember information about the user's visit.
Absolute Advantage
A term used in international trade theory to describe the ability of a country to produce a good more efficiently than another country.
Comparative Advantage
The ability of a country or firm to produce a particular good or service at a lower opportunity cost than others, leading to more efficient trade patterns.
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